NewsFlashEastman Chemical to acquire Solutia in $4.7bn deal

LONDON (ICIS)--US headquartered Eastman Chemical had bid to acquire Solutia in a $27.65/share cash and stock offer valued at $4.7bn, the companies said on Friday.

The directors of both firms have supported the transaction which is subject to approval by US-based Solutia's shareholders. The acquisition would broaden geographical reach and accelerate growth, they said.